Amidst Line's struggles, Naver faces obstacles from weak Korean businesses.

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Amidst Line's struggles, Naver faces obstacles from weak Korean businesses. - Korea Economic Daily

Quick Summary:

South Kora’s online giant Naver Corp.is struggling with sluggish core domestic businesses – commerce, search and sports – as Japan has already been pressuring the company to give up its capital control in its joint venture operator with SoftBank Corp.of the popular mobile messenger app Line in the country.

It was the first time for the company to report a drop in the transaction value on-quarter.“A lower transaction value bodes ill,” said a Naver official.“We are preparing measures as it is expected to affect memberships and ads.”That came as Chinese e-commerce giants such as AliExpress, Temu and Shein have been quickly expanding their presence in South Korea, biting into local players including Naver.

SEARCH, SPORTS BUSINESSES SLOW DOWNNaver’s search business is also losing ground as global Big Tech companies are raising their market shares in South Korea with generative artificial intelligence such as ChatGPT developed by Microsoft Corp.-backed OpenAI.